The Co-operative Group has delayed its results and overhauled its management
as the crisis-hit conglomerate battles to save itself.

The mutual was warned by its only independent director last week that it
needed urgent reform to survive, after the abrupt resignation of Euan
Sutherland, its chief executive, who declared the Co-op to be “ungovernable”.

The changes include the creation of the role of chief operating officer ,
which will be filled by Richard Pennycook, its interim chief executive, once
a permanent new chief executive is appointed.

The company is delaying the publication of its annual results, previously
scheduled for March 26,